Press Release: Open letter to the President of the Eurogroup on the Greek macroeconomic situation

Nine MEPs from three different political groups and members of the steering committee of the Progressive Caucus addressed an open letter to the President of the Eurogroup, Jeroen Dijsselbloem, on the Greek macroeconomic situation.

Before next Eurogroup taking place on 5th December, this letter calls for the positive and quick conclusion of the second review of the programme and stresses the need for debt relief in order for the Greek economy to reach long-term stability.

In a previous exchange, Commissioner for Economic and Financial Affairs, Taxation and Customs, Pierre Moscovici, assured members of the steering committee of the Progressive Caucus, that the “European Commission, for its part will continue to play its role of loyal facilitator in ensuring that all parties respect their responsibilities vis-a-vis the political agreement reached by the Eurogroup in May 2016”. He noticed the responsibility of euro area Member States, “the sole creditors under the stability support programmes”, and underlined “it is, therefore, also up to the Member States to take on their full responsibilities vis-à-vis the political agreement. […] The ball is in their court”.

Below is the open letter addressed to the President of the Eurogroup by MEPs of the Progressive Caucus:

Jeroen Dijsselbloem,
Eurogroup President
Strasbourg, 24 November 2016

Dear President Jeroen Dijsselbloem,

Following the results of the latest Eurogroup of the 7th November 2016 and taking into consideration the decision having being taken in the Eurogroup of the 24th May 2016 regarding the second review of the Greek Programme, as Members of the European Parliament, we would like to urge you to seriously consider our views.

In light of the ongoing discussion that is taking place regarding the macroeconomic situation in Greece, we would like to stress the need for convergence, further cooperation and support of the fair and necessary demand of Greece for debt relief.

The relief of the Greek debt is expected to create all the necessary conditions for a successful and sustainable exit from the recession and the programme, which will send a significant and clear message to the markets and to the investors. The Greek Economy is constantly recovering, achieving already growth and decreasing unemployment. It can leave the recessive trends behind gradually and steadily enforce sustainable development potentials.

None of the negotiating partners has interest in delaying the conclusion of the second review of the Greek Programme. We ask you to ensure that all parties are going to respect their responsibilities vis-a-vis the agreement reached by the Eurogroup in May 2016. Commissioner Moscovici in October reassured the European Parliament that the sustainability of the Greek Debt is of the utmost importance for the long-term stability of the Greek Economy as well as the market access that the country has to regain.

Valdis Dombovskis, in the ECON Committee of the 9th November clearly stated that the Greek Economy is now following a new development course, while the primary surplus of 1.75% for the next year is a feasible goal.

Consequently, within the existing agreed framework we ask you to continue to play a constructive role and to facilitate the necessary debate in order to have positive steps over the conclusion of the negotiations -including the debt relief- in the Eurogroup of the 5th of December.

We are looking forward to further discussing with you, on this matter.

With Kind Regards,

Members of the European Parliament and Members of the steering committee of the Progressive Caucus,